EV charging operator EBOOST receives foreign funding
Vietnam’s electrical vehicle (EV) charging operator EBOOST has announced an investment from the Singapore-based Southeast Asia Clean Energy Facility (SEACEF), which is managed by Clime Capital, to expand its network in Vietnam.
SEACEF’s investment in EBOOST, whose value has not been disclosed, will fund the deployment of EV charging installations in Vietnam and provide safe and affordable EV charging services to Vietnam’s early EV adopters.
EVs are becoming more popular in Vietnam as they help accelerate the decarbonisation of Vietnam’s transportation sector, which accounts for 25% of the country’s CO2 emissions, according to a World Bank report.
However, the absence of EV charging infrastructure is cited as a critical factor holding back the pace of EV deployment in Vietnam and elsewhere in Southeast Asia.
EBOOST, founded in 2020, is the first operator in Vietnam to provide charging services for EV vehicles of all brands. By the end of 2022, it will operate more than 700 charging points across Vietnam and plan to double this number this year.
Stefan Kaufmann, founder and CEO at EBOOST, said, “We at EBOOST are very excited to move ahead with SEACEF and to continue supporting Vietnam's decarbonisation. It enables us to accelerate our mission of building smart EV infrastructure across Vietnam and offering our charging service to as many EV users as possible.”
Joshua Kramer, chief investment officer at Clime Capital, noted, “The accelerated deployment of EBOOST’s open network EV charging infrastructure has the potential to create a virtuous cycle to drive EV adoption, which could, in turn, supports further deployment of EV charging infrastructure.”
In July last year, the Vietnamese Government approved an action plan to reduce carbon emissions in transportation as part of the country’s wider strategy to achieve net-zero emissions by 2050. The strategy is committed to gradually reducing the manufacture, assembly and import of fossil-fuelled vehicles.
By 2050, all transport will run on electricity or another form of green energy, such as hydrogen power.
To realise its goals, a substantial investment is required in all parts of the transport ecosystem, including a network of electric vehicle charging stations.